December is an exciting time for high school seniors and their parents, as you are likely to start receiving acceptance letters and initial scholarship offers from colleges. It feels great to be wanted. When you see a scholarship for $30,000 per year, you do the math: over four years, that is $120,000 in free money. It sounds amazing. But hold your horses…
The “Bait” vs. The Budget
Before you celebrate, you have to look at the net cost of the college. If that school costs $80,000 a year, and they give you $30,000, you are still on the hook for $50,000 per year. Over four years, that is still a $200,000 expense.
While it is great to get offers, you must ensure the school still fits your budget. Plus, financial aid award letters can be misleading, sometimes making the burden look smaller by slipping loans into the funding mix to lower the bottom-line number.
The Solution: Appealing the Award
The most important thing to remember is that the first offer may not be the best offer. You may be able to appeal to the college to secure a better offer, especially if you have offers from other schools.
Is there really wiggle room? The simple answer: Yes. Colleges are often willing to reconsider, particularly if you approach it correctly. Here is how to navigate the appeals process:
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Don’t Deposit Yet: Do not pay the enrollment deposit until the final cost has been agreed upon. Colleges are less motivated to work with you if they already have your money.
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Know Who to Ask: Middle-tier private colleges are often trying to win the best students and are more likely to work with you (about 2/3 of them will try to help). Highly selective private schools and public schools generally have less flexibility with merit aid.
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Use Leverage: A key strategy is to present an award offer from a similar type of school—ideally in the same region—that your number one choice can try to match.
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Watch Your Tone: Don’t approach this like bargaining for a car. Admissions counselors have a process. Frame your discussion around your desire to attend their school and your genuine concern about excessive student loans. You are asking them to “reconsider,” not “negotiate.”
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Contact Admissions, Not Just Financial Aid: Admissions officers will often go to bat for you if they really want the student to attend. Financial aid offices are often restricted to need-based calculations, whereas admissions may have access to merit funds.
The Bottom Line
You have nothing to lose by asking. A college will not rescind an admission offer simply because you asked for more money. By understanding the fine print and being willing to appeal, you can turn a “good” offer into a financially feasible one.
So what does your initial offer look like? Think you could do better? If so, schedule some time with me and let’s look at the paperwork together.
